{"id":596216,"date":"2019-08-21T04:00:55","date_gmt":"2019-08-21T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/the-risks-on-egypts-sharply-rising-external-debt-are-currently-manageable-says-capital-economics\/"},"modified":"2019-08-21T04:00:55","modified_gmt":"2019-08-21T04:00:55","slug":"the-risks-on-egypts-sharply-rising-external-debt-are-currently-manageable-says-capital-economics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/the-risks-on-egypts-sharply-rising-external-debt-are-currently-manageable-says-capital-economics\/","title":{"rendered":"The risks on Egypt\u2019s sharply rising external debt are \u201ccurrently manageable,\u201d says Capital Economics"},"content":{"rendered":"

<\/a> The \u201csharp rise\u201d in Egypt\u2019s external debt since 2015 could be cause for alarm but \u201cthe risks are currently manageable,\u201d<\/b> Capital Economics says in a research note. There are obvious downside risks to external debt, including \u201croll-over risks \u2014 if risk appetite deteriorates, it can become much more difficult to access new financing from abroad to roll over maturing debts,\u201d Capital Economics says. FX-denominated debt (which accounts for the majority of Egypt\u2019s debt) can become particularly problematic if the currency depreciates. However, the research house says that the central bank\u2019s efforts to shore up the country\u2019s FX reserves mean that it can now cover external financing needs for the next year. Egypt\u2019s foreign reserves inched up to USD 44.91 bn at the end of July<\/a>.<\/p>\n

Fair EGP value, narrowing current account deficit also keep debt risks contained:<\/b> The EGP\u2019s recent appreciation has made the currency \u201crelatively fairly valued,\u201d remaining 15% lower than its pre-devaluation value, Capital Economics says, adding that a large drop in currency value that would drive up debt service costs in EGP terms is currently a low risk. The research house also points to the country\u2019s current account deficit narrowing to around 1% of GDP, which lends further credence to the low risk of a significant adjustment in the FX rate. \u201cThe upshot is that, unless external borrowing is ramped up much further, Egypt\u2019s external debt shouldn\u2019t pose a significant risk,\u201d the note says.<\/p>\n","protected":false},"excerpt":{"rendered":"

The \u201csharp rise\u201d in Egypt\u2019s external debt since 2015 could be cause for alarm but \u201cthe risks are currently manageable,\u201d Capital Economics says in a research note. There are obvious downside risks to external debt, including \u201croll-over risks \u2014 if risk appetite deteriorates, it can become much more difficult to access new financing from abroad […]<\/p>\n","protected":false},"author":1,"featured_media":596217,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[1433,7106,1419,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-596216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-economics","tag-debt","tag-egp","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0401f878-dc52-4f7a-8977-2b6f30b90c94","is_powered_by":true,"section_story_id":"beefd6b6-5e5a-4847-8159-8476542d0d40","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/8\/156.png","photo_position":"above","related_issue":[596207],"teaser":"","voice_url":""},"yoast_head":"\nThe risks on Egypt\u2019s sharply rising external debt are \u201ccurrently manageable,\u201d says Capital Economics - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/08\/21\/the-risks-on-egypts-sharply-rising-external-debt-are-currently-manageable-says-capital-economics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The risks on Egypt\u2019s sharply rising external debt are \u201ccurrently manageable,\u201d says Capital Economics\" \/>\n<meta property=\"og:description\" content=\"The \u201csharp rise\u201d in Egypt\u2019s external debt since 2015 could be cause for alarm but \u201cthe risks are currently manageable,\u201d Capital Economics says in a research note. 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Tough global financial conditions have had a relatively muted effect on Egypt in comparison to other countries, particularly emerging markets,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626562,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/could-egypt-go-the-way-of-argentina\/","url_meta":{"origin":596216,"position":1},"title":"Could Egypt go the way of Argentina","author":"enterpriseam admin","date":"5 July 2018","format":false,"excerpt":"On the flipside, Capital Economics is warning that Egypt may go the way of Argentina. The reason? Egypt\u2019s large foreign currency debt, which Capital estimates to be at around 30% of GDP at the end of 2017, up from less than 15% of GDP in 2015. \u201cLarge foreign currency debt\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576024,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/sp-affirms-egypts-b-credit-rating-outlook-at-stable\/","url_meta":{"origin":596216,"position":2},"title":"S&P affirms Egypt\u2019s B credit rating, outlook at stable","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"S&P Global Ratings has affirmed Egypt\u2019s B sovereign credit rating with a stable outlook, despite elevated external risks from covid-19, according to a research note over the weekend, leaving its ratings largely unchanged since April. S&P\u2019s outlook rests on the expectation that \u201cthe weakening of external and government debt metrics\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/79.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570911,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/22\/egypts-reforms-could-shield-the-economy-from-covid-19-shocks-moodys\/","url_meta":{"origin":596216,"position":3},"title":"Egypt\u2019s reforms could shield the economy from covid-19 shocks -Moody\u2019s","author":"enterpriseam admin","date":"22 April 2020","format":false,"excerpt":"Egypt\u2019s reforms could shield the economy from covid-19 shocks -Moody\u2019s: Egypt\u2019s track record of economic reform commitment and strong FX reserves are expected to shield its credit rating from shocks caused by the covid-19 pandemic, Moody\u2019s said in a credit opinion last week (pdf). The ratings agency says remaining committed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/26\/fitch-affirms-egypts-long-term-fx-issuer-default-rating-at-b-with-a-stable-outlook\/","url_meta":{"origin":596216,"position":4},"title":"Fitch affirms Egypt\u2019s long-term FX issuer default rating at B+ with a stable outlook","author":"enterpriseam admin","date":"26 November 2019","format":false,"excerpt":"Fitch Ratings has affirmed Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The agency said that Egypt\u2019s rating affirmation is supported by \u201ca recent track record of economic and fiscal reforms, and improvements to macroeconomic stability and external finances.\u201d On the flipside, Egypt\u2019s \u201cstill large fiscal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings\/","url_meta":{"origin":596216,"position":5},"title":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings: Strong international reserves and the government\u2019s fiscal reforms will help to mitigate the impact of the covid-19 shock on Egypt\u2019s credit position, but the fallout will nonetheless have a significant impact on the country\u2019s GDP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=596216"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/596216\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/596207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/596217"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=596216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=596216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=596216"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=596216"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=596216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}